Two monoterpentriols were isolated from the stipe segment without either the pileus or apical growth zone of the harvested fruiting body of F. velutipes. The structures of these monoterpentriols were elucidated as (1R, 2R, 4R, 8S)-(-)-p-menthane-2,8,9-triol (1) and its 8-epimer (2) based on a spectroscopic analysis and stereoselective chemical transformation from an authentic monoterpene alcohol. These monoterpentriols showed growth-promoting activities on the excised stipe with the pileus segment, which had been excised from a fruiting body just under the growth zone before the middle stage of the rapid growth period, at concentrations below 10 ppm, while the growth of the segment was inhibited at concentrations of 100 ppm and above.